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Wednesday, 03 December 14
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
 The dry bulk market seems unable to turn sentiment round and is still looking for direction. The BCI's 887-point free fall last week had an obvious negative influence on the market, decelerating the “positive” movement of the other dry bulker segments. Although average freight rates have improved considerably compared to average levels of Q3, they are still well below expectations built up before the last quarter. It is clear by now that this bitter taste will usher us into the New Year as well. Under the current freight environment and with rates looking unable to bounce back up for longer periods, it seems that investment interest is scaling back currently.
In the New Building sector, the very strong 2013 in terms of orders and the equally strong beginning of this year as well, originally allowed Shipbuilders to become more relaxed as their slots were fully booked for 2015 and the 1st half of 2016. As the last quarter of 2014 is nearing to its end, the lack of demand for securing new slots and the increasing number of non-effective orders has changed sentiment dramatically though, pushing yards to become more accommodating in their price expectations and even offer substantial discounts in certain cases. As a matter of fact, Top Chinese shipyards are currently willing to offer Ultramax and Kamsarmax slots at USD 27.0m and USD 29.0m respectively, but even prices like that are considered too expensive to attract the attention of owners who could be considering a newbuilding order. In the same spirit, resale candidates are also facing lack of interest as the current freight market is not tempting enough for an owner to pay the premium.
At the same time, the downward correction of demolition prices during the past weeks by more than $50/$60 per long ton, has had an immediate effect on older assets, although given the highs demo prices reached this year, even after such corrections, the current levels of $430/$440 per long ton, offered in the Indian sub-Continent for dry bulk units are still relatively attractive. Therefore vessels built up to 1995 are currently in the market for scrap related prices, with small differentiations relative to their size, SS/DD position and delivery place. Tonnages built within the first decade of 2000 enjoy the most interest, while at the same time these vessels present heavily corrected prices, which are comparable to 2012 levels.
The softening of Japan’s currency has simultaneously brought additional sale candidates in the market, with buyers concentrating in modern Japanese built tonnage with the view that a quick profit could be locked by what looks like another mini-cycle in terms of asset values. As evidenced by the table above table, vessels prices are very close to bottom levels reached back in the December 2012 – January 2013 period, while the freight market has been fairing at better levels compared to that period, possibly implying opportunities to be found in the second-hand market.
By Konstantinos Kontomichis, SnP Broker, Intermodal
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 30 January 15
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED 65.7 MMST
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.9 million short tons (mmst) of coal ...
Friday, 30 January 15
CAN BULKER CONVERSIONS SPOIL THE TANKER MARKET'S PARTY? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Oversupply of tonnage has always been in the back of the head of ship owners when it comes to taking advantage of favorable market conditions. As s ...
Thursday, 29 January 15
CHINA ENERGY DEMAND MUST BE REVIEWED DUE TO FUNDAMENTAL ECONOMIC CHANGES - WOOD MACKENZIE
New patterns emerging as energy demand growth decoupled significantly from GDP growth for the first time in 2014
Wood Mackenzie says 2014 was ...
Thursday, 29 January 15
CAPE MARKET IS STILL STRUGGLING WITH LOW DEMAND AND LOW COMMODITY PRICES
Handy
Supramax rates are heading south with slipping rates all across the block. USG activity is slow with mid-week levels in the mid 8.000s, Fea ...
Wednesday, 28 January 15
MARKET INSIGHT - STELIOS KOLLINTZAS
With most traders having returned to action from year end festivities, we have already seen signs of activity in the specialized product markets. L ...
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- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- The University of Queensland
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
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